EX-12.1 4 a2220724zex-12_1.htm EX-12.1
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Exhibit 12.1

Legacy Reserves LP
Computation of Ratios of Earnings to Fixed Charges and
Preferred Securities Distributions
(in thousands, except ratios)

 
   Six Months Ended
June 30, 		  Years Ended December 31,  
 
   2014   2013   2012   2011   2010   2009  

Income (loss) before income taxes

   $ (15,368 ) $ (34,623 ) $ 69,733   $ 73,091   $ 11,346   $ (92,277 )

Equity in (income) loss of equity method investee

     (183 )   (559 )   (111 )   (138 )   (97 )   (31 )

Distributed income of equity method investee

     204     861     —     —     —     —  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) from operations before income taxes

   $ (15,347 ) $ (34,321 ) $ 69,622   $ 72,953   $ 11,249   $ (92,308 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Fixed Charges

                                      

Interest expensed

   $ 29,479   $ 51,097   $ 21,140   $ 18,981   $ 16,415   $ 15,366  

Amortization of debt issuance costs

     2,111     3,780     1,626     1,528     2,023     1,646  

Estimated portion of rental expense attributable to interest

     118     231     148     134     112     59  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 31,708   $ 55,108   $ 22,914   $ 20,643   $ 18,550   $ 17,071  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Earnings available for fixed charges

   $ 16,361   $ 20,787   $ 92,536   $ 93,596   $ 29,799   $ (75,237 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     (3 )   (1 )   4.04x     4.53x     1.61x     (2 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Total fixed charges

   $ 31,708   $ 55,108   $ 22,914   $ 20,643   $ 18,550   $ 17,071  

Preferred distributions

     2,194     —     —     —     —     —  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges including preferred distributions

   $ 33,902   $ 55,108   $ 22,914   $ 20,643   $ 18,550   $ 17,071  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Ratio of earnings to fixed charges and preferred distributions

     (4 )   (1 )   4.04x     4.53x     1.61x     (2 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           
(1)
Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $34.321 million. No preferred distributions were paid during this period.

(2)
Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $92.308 million. No preferred distributions were paid during this period.

(3)
Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $15.347 million.

(4)
Earnings were insufficient to cover fixed charges and preferred distributions, and fixed charges and preferred distributions exceeded earnings by approximately $17.541 million.



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Legacy Reserves LP Computation of Ratios of Earnings to Fixed Charges and Preferred Securities Distributions (in thousands, except ratios)